Best Electricity also closing down, third energy retailer to exit Singapore market in 1 week

• Oct 20, 2021

Best Electricity has become the third energy retailer in Singapore in a week to announce it is closing shop.

It cited “unexpected volatile conditions” for its closure in its Oct. 19 announcement on its website, saying it has made it “extremely difficult” to continue.

The company will be gone by as early as Oct. 21.

Its customers will have their accounts transferred to SP Group with no disruption to supply, an arrangement that is similar to the previous two energy providers that are bowing out.

Best Electricity added that existing customers will be offered an ex-gratia payment to be included in their final bill as a token of appreciation for their support.

iSwitch and Ohm Energy are planning on ceasing operations.

Their cessation of services come amidst global wholesale gas prices going up.

Singapore’s Energy Market Authority (EMA) announced on Oct. 19 that it is taking pre-emptive steps to safeguard the country’s supplies.

The electricity retailers are under the Open Energy Market.

Consumers were told that they are able to pick the best option of electricity provider for their needs, in what was touted as a liberalised energy market here with ample attractive choices.

This entailed buying electricity at a regulated tariff from SP Group, or at a different price plan from various energy providers.

Source: https://mothership.sg/2021/10/best-electricity-closed-down/